Technical Market Outlook:
The EUR/USD pair has bounced from the 100 MA on the H4 time frame chart and is approaching the last swing high located at the level of 1.1068. The key short-term technical resistance is seen at the level of 1.1000 was violated and will now act as the technical support. The key short-term technical support is seen at the level of 1.0910 and any breakout below this level would be a bearish pressure indication. The momentum is strong and positive the H4 time frame chart, so the market is ready to continue the up trend towards the 1.1280, which is 61% Fibonacci retracement level of the whole, big wave down that started in January 2021.
Weekly Pivot Points:
WR3 - 1.10312
WR2 - 1.10077
WR1 - 1.09962
Weekly Pivot - 1.09842
WS1 - 1.09727
WS2 - 1.09607
WS3 - 1.09372
Trading Outlook:
Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been terminated at the level of 1.2080 which is 61% Fibonacci retracement level. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows.
